What is Racing Tires Market?
Racing tires, specialized tires which are constructed from a blend of very soft, synthetic and natural rubber compound to provide the best possible grip against the texture of the race track. Additionally, it is specifically designed to deliver superior performance to undergo numerous quality, durability, speed and other tests. Top companies continuously experiment with engineering and chemistry and seeking the various new combination of rubbers, polymers and curatives for the development of technologically advanced racing tires.
The market study is being classified by Type (Racing Slick Tires and Racing Treaded Tires), by Application (Auto Racing Tires and Motorcycle Racing Tires) and major geographies with country level break-up.
Bridgestone Corporation (Japan), Michelin SCA (France), Continental AG (Germany), Goodyear Tire and Rubber Co. (United States), Pirelli & C. SpA (Italy), Alliance Tire Group (Israel), Apollo Tires Ltd. (India), Cooper Tire and Rubber Co. (United States), Hangzhou Zhongce Rubber Co. Ltd (China) and Hankook Tire Co (South Korea) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Hoosier (United States) and Nitto Tire U.S.A. Inc. (United States).
Research Analyst at AMA predicts that Global Vendors will contribute to the maximum growth of Global Racing Tires market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Racing Tires market by Type, Application and Region.
On the basis of geography, the market of Racing Tires has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Number of Racing Events Includes F1 and MotoGP Worldwide
- Surge Average Age of Racing Vehicles in Operation in Developed Countries
Market Trend
- The Growth in the Adoption of Strong and Lightweight Racing Tires
- Continuously Development of Technologically Advanced Racing Tires by Top Companies
Restraints
- High Cost of the Racing Tires
- Limited Adoption of Racing Tires in Developing Economies
Opportunities
- Huge Investment in R&D Program for Manufacturing of Rayon, Aramid, Nylon, and Polyester Textiles
Challenges
- High Maintenance and Replacement Costs of Racing Tires
In February 2019, Bridgestone Corporation (Bridgestone) announced its 2019 motorsport plan. Bridgestone supports various domestic and overseas motorsports, ranging from top-level professional series to grassroots amateur races, primarily by supplying Bridgestone POTENZA tires for car races and Bridgestone BATTLAX tires for motorcycle races.
According to European Union, the Labelling of Tyres with respect to Fuel Efficiency and other Essential Parameters Regulation No 1222/2009 facilitates the labelling of tyres for cars, vans, and heavy trucks.
Key Target Audience
Racing Tires Manufacturers, Raw Material Suppliers/Distributors, Research and Development Organisations, Government Regulatory Bodies, Automotive Companies and Others